17 individuals have been variously charged with 1st and 2nd degree grand larceny, 1st degree criminal possession of stolen property, 1st degree money laundering, 1st degree identity theft, 2nd degree forgery, 1st and 2nd degree criminal possession of a forged instrument, 1st degree falsifying business records, 1st degree offering a false instrument for filing, 1st degree scheme to defraud and 4th degree criminal facilitation for allegedly defrauding homeowners and lending institutions of more than $ 13 million of equity and residential property in Queens, New York.
Of the 17 defendants, the two ringleaders of the mortgage fraud scheme were identified as Roger Huggins and Inderpaul Sookraj, who purportedly hatched and operated a fraudulent home foreclosure rescue company in Queens, New York through shell companies.
Huggins and Sookraj allegedly employed licensed professionals such as loan officers, mortgage brokers, and attorneys to launch their scam and share their profits.
The 2 ringleaders apparently advised homeowners facing foreclosure to sign over or sell their homes to straw buyers for one year in order to improve their credit rating which will help them receive better mortgages and obtain their home title back. However, the defendant allegedly held and used homeowner funds for personal expenses.
The defendants also allegedly misrepresented to homeowners to sell their home to the straw buyers and then flipped the property and sold to other straw buyers at inflated prices to which lending companies paid for.
If convicted, the defendants can each face a maximum penalty of 25 years in prison.